- Gold prices were steady in early global trading on Monday, as investors awaited U.S. inflation data due later in the week to gauge the size of the Federal Reserve's potential interest rate cut in September.
- Spot gold was little changed at $2,425.94 an ounce, while U.S. gold futures fell 0.3% to $2,464.80.
- The US Producer Price Index is due out tomorrow, Tuesday, followed by the Consumer Price Index on Wednesday.
- The market currently expects a 54% rate cut of 50 basis points in September, according to the Fed's Interest Rate Watch tool.
- Fed Governor Michelle Bowman softened her usual hawkish tone, noting some “welcome” progress on inflation in the past two months even as she said inflation remains “uncomfortably above” the central bank’s 2% target and subject to upside risks.
- Among other precious metals, spot silver fell 0.6% to $27.29 an ounce, platinum rose 0.1% to $923.20 an ounce, and palladium was almost unchanged at $905.00 an ounce.
